Ann: Jaws Pilot Update, page-101

to answer your question without oversight over the Master Loan Agreement :Yes, Though Better to put it this way: HSBC will mortgage/securitise his shares/holdings (along with most likely a personal guarantee IMO) as collateral and extend funds to BIZZELL. Now, the motivation behind Bizzell doing this can represent that he believes that it is solid collateral (lending base being STX shares), similar to a margin loan/loan against equity on a commsec approved LVR stock which STX is not at the moment, margin calls tend to become an issue for poorly performing stocks, so one (investors) can assume that there is a fair amount of conviction/confidence in the future performance of this stock especially given that it is an insider gearing up his holdings. More importantly, one (us investors) would not be crazy to assume that HSBC also have some level of confidence in the security (STX) as analysts would have certainly assessed the banks risks when lending against STX shares... IMO in the not too distant future we all will be able to gear up against this stock (subject to no T/O). IMO In the gas game (gas is not a commodity), Equity markets always lag behind industrial markets when they evaluate stock, the big market household names in gas know the true value of STX's staggering discovery and the fact that this beauty is already worth much more then what the current stock price reflects... even without all the potential upside transpiring in the coming days... Again congratulations to all thus far. And I smugly maintain my STRONG BUY rating.